strategy correct answers set of related actions that managers take to increase their company's performance
strategic leadership correct answers the task of most effectively managing a company's strategy making process
strategy development correct answers task of determining and selecting stra...
MGT 499 Exam 1(Complete solutions)
strategy correct answers set of related actions that managers take to increase their company's performance
strategic leadership correct answers the task of most effectively managing a company's strategy making
process
strategy development correct answers task of determining and selecting strategies
strategy implementation correct answers task of putting strategies into action to improve a company's
efficiency and effectiveness
competitive advantage correct answers when a company's profitability is greater than average of other
companies in the same industry competing for the same customers - this can be replicated (short term)
sustainable competitive advantage correct answers when company's strategies enable it to maintain above
average profitability for a number of years - hard to replicate
business model correct answers managements idea of how strategy will allow the company to a gain
competitive advantage and achieve superior profitability
core competencies correct answers competitive advantage that lasts forever and can be applied across
several business areas
mission statement correct answers provides a framework within which strategies are formulated
mission correct answers the reason for existence today - what an organization does
customer groups correct answers the WHO in who is being satisfied as part of the mission
customer needs correct answers the WHAT in what is being satisfied as part of the mission
, strategic activities correct answers the HOW in how customer needs are being satisfied as part of the
mission
vision correct answers a statement of some desired future state
values correct answers a statement of key values that an organization is committed to
goals correct answers the measurable desired future state that an organization attempts to realize (crucial
issues that are measurable and challenging but realistic)
vision, mission, values, goals correct answers develop a strategy that is consistent with the organizations
___________, _____________, and ______________ and major ______________ and objectives
customer correct answers A company's mission is best approached from a ________________ oriented
business definition
external analysis correct answers identifies the strategic opportunities and threats in the organization's
operating environment that will affect how it pursues its mission
industry, national, macro correct answers what are the 3 different environments that are looked at in an
external analysis?
internal analysis correct answers gives managers the information to choose the strategies and business
model to attain a sustained competitive advantage
efficiency, quality, innovation, responsiveness correct answers what are the 4 attributes a company needs
to build and sustain a competitive advantage?
SWOT analysis correct answers a ___________ _______________ helps to identify strategies that align a
company's resources and capabilities to its environment
functional correct answers __________________ strategies should be consistent with and support the
company's business level and corporate/global level strategies
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